NATIONAL Social Security Authority (NSSA) has increased the minimum monthly retirement pension by 65 per cent across the board.<\/p>\n
The increase is with immediate effect.<\/p>\n
In a statement Tuesday, the authority also said that Accident Prevention and Workers Compensation Scheme (APWCS) has been increased by 200% across the board.<\/p>\n
NSSA board chairperson, Cuthbert Chidoori said the move was inspired by a mid-term actuarial evaluation that was necessitated by the need to review NSSA benefits in response to prevailing economic fundamentals.<\/p>\n
\u201cThe Minister of Public Service, Labour and Social Welfare has, with effect from 1 October 2019, reviewed benefits payable under the Authority\u2019s two schemes,\u201d Chidoori said.<\/p>\n
\u201cEarlier, in July 2019, the Ministry, in consultation with the NSSA Board, awarded NSSA pensioners a once-off discretionary bonus equivalent to a month\u2019s pension to cushion them from the general increase in the cost of living.<\/p>\n
\u201cThe decision was taken as a stop-gap measure while waiting for the conclusion of the mid-term actuarial review.<\/p>\n
\u201cThe reviewed pensions, which were done in consultation with the Minister of Finance and Economic Development, are now as follows; pension and Other Benefits Scheme (POBS), minimum monthly retirement pension increased to ZWL$200 from ZWL$80. In addition, all pensions have been increased by 65% across the board.<\/p>\n
\u201cAccident Prevention & Workers Compensation Scheme (APWCS), minimum monthly worker\u2019s pension increased to ZWL$240 from ZWL$80.\u201d<\/p>\n
Chidoori added, \u201cAll monthly pensions for APWCS have been increased by 200% across the board.<\/p>\n
\u201cThe NSSA funeral grant for both schemes has been reviewed from ZWL$300 to ZWL$2,000.\u201d<\/p>\n
Arrears for October will be paid together with monthly payouts that are due on 13 November 2019.<\/p>\n
NSSA said beneficiaries\u2019 payments would be done via the usual channels, such as banks and mobile money platforms.<\/p>\n
\u201cGoing forward,\u201d said the NSSA boss, \u201cNSSA, in consultation with all its key stakeholders and the Ministry of Public Service, Labour and Social Welfare, will continue to monitor economic developments and the general cost of living to assess the level of social impact to pensioners and align the level of benefits reviews, taking into account the long term sustainability of the schemes.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
NATIONAL Social Security Authority (NSSA) has increased the minimum monthly retirement pension by 65 per cent across the board. The increase is with immediate effect. In a statement Tuesday, the authority also said that Accident Prevention and Workers Compensation Scheme (APWCS) has been increased by 200% across the board. NSSA board chairperson, Cuthbert Chidoori said […]<\/p>\n","protected":false},"author":84,"featured_media":15866,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[1074,239,723],"class_list":{"0":"post-15864","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"tag-cheap-labour","10":"tag-economic-chaos","11":"tag-nssa"},"yoast_head":"\n